Industry Notes
An industry memo, cut into chapters you can finish.
- Each industry picks its best form: bars, pie, line, thesis cards, or timeline.
- Figures name their source. These are research notes, not advice.
- If something is still unclear, leave a note. The next revision can use it.
Pick a book. Each one shows only its stance. The contents come after you open it.
Industries
- Updated 2026-08-21
Mining: copper over iron
Copper over iron, but miners are not one trade
Some chapters use bars, others use thesis cards or side-by-side. Start with profit mix, then factors, the defensive role of iron, and what would break the view.
- Updated 2026-08-21
Global mining: the metal map
See which metal is actually scarce, then look at the company
Eleven conclusions, two extremes, copper squeeze, uranium, AI tiers, iron, precious, acid, Zijin, leaders—long memo spine split out.
- Updated 2026-08-23
Pharma
Profits sit in the US, and headline deal values need a discount
Bars, thesis cards, timelines, compares, and matrices—from payers and national soil to the nine-factor frame, outbound math, ten-bagger gates, and Japan/India mirrors.
- Updated 2026-09-22
Solar
The further from the module, the less likely the loss
Value map, clearance, First Solar, ceilings, silver thrift, perovskite, three escapes—the long memo’s back half is in.
- Updated 2026-08-17
Robots: Tesla and Unitree
Assembly is thin. A full-stack maker is the exception
Difficulty layers, margin pyramid, hard≠rich, profit migration, Tesla compare—memo spine expanded.
- Updated 2026-07-15
Semiconductors: domestic substitution
The further upstream, the more room there is
Bars, a matrix, and thesis cards. Start with localization magnitudes, then the chain map, names by step, and risks.
- Updated 2026-06-30
Moutai and Baijiu overseas
Domestic is the board; overseas is still an option
Pie, bars, and scenario cards. Start with overseas share, then the volume decline and 3–5 year growth cases.
- Updated 2026-06-30
Hogs and Muyuan
Cost and cash decide who survives the trough
Bars and thesis cards. Start with the cost cushion, then what is new in this cycle and why slaughter share still rises.
- Updated 2026-08-05
Meituan
The worst profit damage is behind; the share war is not fully over
Pie, bars, and a timeline. Start with instant-retail share, then loss narrowing and Keeta.
- Updated 2026-06-30
Midea and European air conditioning
Heatwaves lit the fuse; penetration and product definition are the story
Penetration bars, thesis cards, shipment bars, share lines, and a matrix—from the blank market and install friction to PortaSplit, the overseas base, and the heating ticket.
Allocation
- Updated 2026-07-15
First-half 2026 review
“Money is going to the US” needs to be split apart
Bars and thesis cards. Start with A-share index dispersion, then the two layers of capital flows and H2 direction.
- Updated 2026-09-22
August–December allocation
Start with August's three shifts, then the next four months
Bars, a timeline, and a matrix. Start with July’s fund handoff, then the four phases and three-tier sector map.